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20121226
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is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s. treasuries from a to a-plus with a negative outlook. >>> and the holiday shopping season is drying to a close. early numbers sug
of washington and our very own john harwood is there. >> reporter: mandy, we've got a letter from the republican leadership to the president and to the democrats in the senate saying that the house has acted, they passed legislation last year to extend all the tax cuts and to shift the scheduled sequester cuts from defense to domestic programs, but, of course, in urging the senate to act saying, well, we've acted, now it's your turn, we're simply not going to see the democrats take them up on that because president obama since that letter has won the election and now we're looking at the possibility of a mini deal that would get enacted before january 1st but so far all we've heard are the sounds of silence in the negotiations. a senior white house official told me today when i asked was there any holiday season progress, back channel progress over the past couple of days, got a one-word reply, no. second, the democratic senate leadership says there's a 50/50 chance that we'd get a deal between now and january 1st, but they don't have any progress signs to point to in a tangible way. that's sort
but mandy has been celebrating boxing day all day. we didn't get any presents from lawmakers in washington yet. we're still five days away from falling off the proverbial fiscal cliff and wall street, like everybody else, is waiting for some kind of a solution here, and as you can see by today's numbers the waiting game continues, although we thank brian sullivan and you, mandy, for bringing us back to positive territory in the last hour. >> i'm not sure we can take credit but we'll take it. >> the dow is up a fraction at the moment. 13,139 after a meandering much of the day. the nasdaq hardest hit today. technology has been very volatile recently. still down a fraction right now. 13 points, fraction percentage-wise and the s&p is down 3.33 at 1423. five days left until the fiscal cliff deadline, and though the market has been very resilient to this point, what happens if we go over the cliff and if lawmakers cannot get it together come january 1st? will it be a big meltdown for wall street? that's what everybody wants to know. >> certainly hope know. in today's "closing bell" exchange, fo
to leave for washington tonight. congress expected to return on thursday. president, guys, not expected to actually arrive in washington until tomorrow morning. no talks scheduled that we know of as of yet. all the attention's going to turn to the senate, which tends to be more of a compromising body than the house is. >> yes. and the president is available in person if you should want to go over there and visit with him. or perhaps if he wants to visit with anybody else. the consensus seems to be if you get some sort of a deal, it's obviously not going to be the big deal. it will simply be something that extends the tax cuts for the vast majority of americans, at least those earning less than $250,000 a year. the consensus seems to be, carl, that if we don't get a deal by the second or third or fourth week, the super bowl week, we'll start to feel it in the economy. >> we had a notable sell-off. there is typically a bias on christmas eve, but the worst christmas eve performance for the dow since 2006 because of the jitters about the fiscal cliff. it will be an interesting few days as c
how washington's acting. i am begging somebody in washington, step up. be accountable. take responsibility, and solve the root cause of these issues. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older, may have low t. so talk to your doctor about low t. hey, michael! [ male announcer ] and step out of the shadows. hi! how are you? [ male announcer ] learn more at isitlowt.com. [ laughs ] hey! executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you
to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the loss of confidence in american governance and the american economy, but that's not necessarily going to be the case. we still have a few days left. a white house official told me that there have been no progress over the last couple of days, but an aide to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >> yes. and the question about the mini deal would be, what we're talking about, just to make clear for our v
do right now. >> president comes back to washington, he'll get on a flight in just a couple of hours, we'll be back at 7:00 east coast time in washington tomorrow, assuming the weather allows air force one to get through all of that. in many teen time. and then, presumably, maybe some of the negotiations can get back on track at that time. in the meantime, the dow down 24 points today. that's it for us. thank you for watching. >> and "fast money" starts right now. stay tuned to cnbc. >> we'll see you tomorrow. >>> live from the nasdaq market site in new york city's time square, i'm melissa lee. here are tonight's top three trades. retail wreck. santa delivered coal for most today. should you be betting on a bounce back? the global race to print money is on. and we've got the best ways to play japan's easy money. and 2013 trades. top picks in an uncertain world also "fast money" goes fast forward into next year. first, to our top stories. five days to go until the fiscal cliff and the heat is turning up on both sides of the aisle. house speaker john boehner says the senate needs to ac
a 1585 target or 2 $108 in earnings. we're not expecting the powers that be in washington are going to be willing to save a defeat from the jaws of victory. >> you haven't watched them before, john, have you? >> i've been around for a long time. i have watched them before. i do know that they worry about legacy. the history books would write about them and say do this. >> it's good to talk to you. thank for coming on. >> thanks for having me. >>> pete, 1585 is the price target. second highest on the street just behind bank of america. he's higher than goldman, barry knap at barclays. is he going to be right? >> i'm very confident. i like what we're hearing out of china. i like what we're seeing out of our housing market. the financials are why we are where we are right now. i think the financials if things start to ease up a bit, you see the did he ha the dividends coming back, i think they're going higher. >> is that the trade that works in 2013 right there, thexls financials? >> absolutely. 100%. financials are deck side and i will tell you on the dale earnhardt side, there's trem
? >> caller: washington redskins booyah p rg3 nation stand up. >> dan snooid ser your owner. have you thought about that at all? >> caller: i have a quick question. >> sure. >> caller: when the market is overbought, should i go for the long-term? >> when it's overbought, my own rule is that plus five, if we're very overbought, hey, take a pass. another time will come. however, you can get started small and hope it comes back if you just can't resist. sam in ohio. sam. >> caller: hey, jim. big glass city booyah to you. >> loving it what's up? >> caller: i got a question. i've been looking at a couple utility stocks, going with preferred instead of the common shares. i wanted to get your opinion on -- >> no, come on, man, we want upside. a lot of these utilities should have to be fabulous growth stocks, particularly in a growth economy. let's just open them outride, we'll do just fine. of course i want you in in market for the long run. you can't beat those high streakly traders. give me a break. i want long-term investing but that does not mean buy and forget. for the long haul, do not throw o
Search Results 0 to 8 of about 9